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Moody's: Asian Liquidity Stress Index drops to 24.4% in July

07 Aug 2015

Singapore, August 07, 2015 -- Moody's Investors Service says that its Asian Liquidity Stress Index
(LSI) dropped to 24.4% in July, from 25.2%
in June.

The decline came as the number of rated high-yield companies with
Moody's weakest speculative-grade liquidity (SGL-4) score
decreased to 30 from 31, while the number of rated high-yield
companies remained at 123.

The index—which increases when speculative-grade liquidity
appears to decrease—remains well below the record high of 37%
reached in December 2008 amid the global financial crisis.

"Liquidity in Asia is generally weaker than in other regions,
partly because its debt capital markets are not as mature,"
says Brian Grieser, a Moody's Vice President and Senior Analyst.

"Asian corporates tend to rely more on local bank markets for uncommitted
funding, and relationship banking that involves rolling over of
short-term and uncommitted credit, which is far more common
in the region than elsewhere." adds Grieser, who was
speaking on the release of Moody's latest report on the index, entitled
"Asian Liquidity Stress Index".

The liquidity stress sub-index for Chinese speculative-grade
companies dropped to 27.0% in July from 28.6%
in June as the number of Chinese companies with SGL-4 scores decreased
to 17 from 18, while the total number of high-yield Chinese
companies remained at 63.

Elsewhere in the region, the Indonesian sub-index remained
elevated at 16.7% as the number of Indonesian companies
with SGL-4 scores stayed unchanged at 4 and the total number of
high-yield Indonesian companies remained at 24.

In addition, Moody's downgrade/upgrade ratio declined to 0.5x
for July 2015, well below the ratio of 1.5x for Q2 2015,
and lower than the 12 month trailing average of 2.0x. Upgrades
have now exceeded downgrades for the past two months and is of note as
upgrades have not exceeded downgrades in a single quarter since Q2 2011.

However, Moody's notes that 28.5% of its rated
speculative-grade companies have negative-leaning outlooks.
This is the highest level since December 2012 but well below the peak
43.2% posted in Q4 2008.

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